EXHIBIT 99.16
DEBTOR: GREAT HAWAIIAN PROPERTIES CORPORATION CASE NUMBER: 01-10971(EIK)
MONTHLY OPERATING REPORT
AS OF MARCH 31, 2002
AND
FOR THE MONTH THEN ENDED
In accordance with title 28, section 1746, of the United States Code, I declare
under penalty of perjury that I have examined the attached March Monthly
Operating Report (Attachments 1 through 9) and, to the best of my knowledge,
these documents are true, correct, and complete.
/s/ NICHOLAS J. DAVISON
- --------------------------------
Nicholas J. Davison
Senior Vice President, Finance
DEBTOR: GREAT HAWAIIAN PROPERTIES CORPORATION CASE NUMBER: 01-10971(EIK)
MONTHLY OPERATING REPORT
AS OF MARCH 31, 2002
AND
FOR THE MONTH THEN ENDED
CONTENTS
Attachment 1 Summary of Bank and Investment Accounts
Attachment 2 Schedule of Receipts and Disbursements
Attachment 3 Bank and Investment Account Statements
Attachment 4 Income Statement
Attachment 5 Balance Sheet
Attachment 6 Summary of Due To/Due From Intercompany Accounts
Attachment 7 Accounts Receivable Aging
Attachment 8 Accounts Payable Detail
Attachment 9 Notes to March Monthly Operating Report
16-Apr-02 Attachment 1
8:34 PM
Summary UNAUDITED
Great Hawaiian Properties Corp
Summary Of Bank And Investment Accounts
Great Hawaiian Properties Corporation
Case No: 01-10971 (EIK)
For Month Of March, 2002
Balances
------------------------------ Receipts & Bank
Opening Closing Disbursements Statements Account
Account As Of 3/01/02 As Of 3/31/02 Included Included Reconciled
- ------- ------------- ------------- -------- -------- ----------
AHC - Honolulu Disbursements 0.00 0.00 No - No - No -
Bank One Account Account Account
Account # - 552-0110649303 Closed Closed Closed
AHC - Mainland Credit Cards 0.00 900.00 Yes No - Not Yes
Bank One Concentration
Account # - 552-0110521579 Account
AHC - Mainland Disbursements 0.00 0.00 No - No - No -
Bank One Account Account Account
Account # - 552-0110673395 Closed Closed Closed
AHC - Mainland Payroll 0.00 0.00 No - No - No -
Bank One Account Account Account
Account # - 552-0110673387 Closed Closed Closed
AHC - Master Cash 0.00 0.00 No - No - No -
Bank One Account Account Account
Account # - 552-0110673360 Closed Closed Closed
AHC - Honolulu Credit Cards 0.00 0.00 No - No - No -
Bank One Account Account Account
Account # - 552-0110572580 Closed Closed Closed
Great Hawaiian Prop Corp 0.00 0.00 No - No - No -
Goldman Sachs & Co. Account Account Account
Account # - 020-33478-5 Closed Closed Closed
16-Apr-02 Attachment 2-1
8:36 PM
R&D - Bank One UNAUDITED
AHC Mainland Credit Cards
Receipts & Disbursements
Great Hawaiian Properties Corporation
Case No: 01-10971 (EIK)
Bank One
AHC Mainland Credit Cards
Account # - 552-0110521579
1 March 02 - 31 March 02
Opening Balance - 1 Mar 02
0.00
Receipts
900.00 Chargeback Reversals
--------
900.00 Total Receipts
Disbursements
--------
0.00 Total Disbursements
Closing Balance - 31 Mar 02
900.00
16-Apr-02 Attachment 3
8:35 PM
Summary
Great Hawaiian Properties Corp
Attach 3
Concentration & Investment Account Statements
Great Hawaiian Properties Corporation
Case No: 01-10971 (EIK)
For Month Of March, 2002
No Statements Due To No Concentration Or Investment Accounts
AMCV US SET OF BOOKS Date: 19-APR-02 08:27:42
INCOME STATEMENT - ATTACHMENT 4 Page: 1
Current Period: MAR-02
currency USD
Company=51 (AHC - OPERATIONS)
PTD-Actual
31-Mar-02
----------
Revenue
Gross Revenue 0.00
Allowances 0.00
----------
Net Revenue 0.00
Operating Expenses
Air 0.00
Hotel 0.00
Commissions 0.00
Onboard Expenses 0.00
Passenger Expenses 0.00
Vessel Expenses 0.00
Layup/Drydock Expense 0.00
Vessel Insurance 0.00
----------
Total Operating Expenses 0.00
----------
Gross Profit 0.00
SG&A Expenses
Sales & Marketing 0.00
Start-Up Costs 0.00
----------
Total SG&A Expenses 0.00
----------
EBITDA 0.00
Depreciation 0.00
----------
Operating Income 0.00
Other Expense/(Income)
Interest Income 0.00
Equity in Earnings for Sub 0.00
Reorganization expenses 319,206.74
Other expense (900.00)
----------
Total Other Expense/(Income) 318,306.74
----------
Net Pretax Income/(Loss) (318,306.74)
Income Tax Expense 0.00
----------
Net Income/(Loss) (318,306.74)
==========
AMCV US SET OF BOOKS Date: 18-APR-02 17:04:30
BALANCE SHEET - ATTACHMENT 5 Page: 1
Current Period: MAR-2
currency USD
Company=51 (AHC - OPERATIONS)
YTD-Actual YTD-Actual
31-Mar-02 22-Oct-01
-------------- --------------
ASSETS
Cash and Equivalent 900.00 665,214.37
Restricted Cash 0.00 0.00
Accounts Receivable 0.00 0.00
Inventories 0.00 36,560.78
Prepaid Expenses 0.00 1,609.00
Other Current Assets 0.00 0.00
-------------- --------------
Total Current Assets 900.00 703,384.15
Fixed Assets 0.00 1,992,727.87
Accumulated Depreciation 0.00 (1,687,090.91)
-------------- --------------
Net Fixed Assets 0.00 305,636.96
Net Goodwill 0.00 0.00
Intercompany Due To/From 21,009,706.76 20,319,892.39
Net Deferred Financing Fees 0.00 0.00
Net Investment in Subsidiaries 0.00 0.00
-------------- --------------
Total Other Assets 21,009,706.76 20,319,892.39
-------------- --------------
Total Assets 21,010,606.76 21,328,913.50
============== ==============
AMCV US SET OF BOOKS Date: 18-APR-02 17:04:30
BALANCE SHEET - ATTACHMENT 5 Page: 2
Current Period: MAR-2
currency USD
Company=51 (AHC - OPERATIONS)
YTD-Actual YTD-Actual
31-Mar-02 22-Oct-01
-------------- --------------
LIABILITIES
Accounts Payable 0.00 0.00
Accrued Liabilities 0.00 0.00
Deposits 0.00 0.00
-------------- --------------
Total Current Liabilities 0.00 0.00
Long Term Debt 0.00 0.00
Other Long Term Liabilities (15,184,601.60) (15,184,601.60)
-------------- --------------
Total Liabilities (15,184,601.60) (15,184,601.60)
OTHER
Liabilities Subject to Compromise 0.00 0.00
-------------- --------------
Total Other 0.00 0.00
OWNER'S EQUITY
Common Stock 9,440.25 9,440.25
Add'l Paid In Capital 83,336,732.73 83,336,732.73
Current Net Income (Loss) (318,306.74) (516,397.64)
Retained Earnings (46,832,657.88) (46,316,260.24)
-------------- --------------
Total Owner's Equity 36,195,208.36 36,513,515.10
-------------- --------------
Total Liabilities & Equity 21,010,606.76 21,328,913.50
============== ==============
Great Hawaiian Properties Corporation 01-10971(JCA)
ATTACHMENT 6
Summary List of Due To/Due From Accounts
For the Month Ended March 31, 2002
BEGINNING ENDING
AFFILIATE NAME CASE ID# BALANCE DEBITS CREDITS BALANCE
American Classic Voyages Co. 01-10954 51,110,970.59 -- -- 51,110,970.59
AMCV Cruise Operations, Inc. 01-10967 6,116,875.06 -- -- 6,116,875.06
The Delta Queen Steamboat Co. 01-10970 (1,247,073.77) -- -- (1,247,073.77)
Great AQ Steamboat, L.L.C. 01-10960 22,591.38 -- -- 22,591.38
Great Pacific NW Cruise Line, L.L.C. 01-10977 66,513.26 -- -- 66,513.26
Great River Cruise Line, L.L.C. 01-10963 41,555.00 -- -- 41,555.00
Great Ocean Cruise Line, L.L.C. 01-10959 34,964.32 -- -- 34,964.32
Cape May Light, L.L.C. 01-10961 (4,188.00) -- -- (4,188.00)
Project America, Inc. N/A (3,007,602.48) -- -- (3,007,602.48)
Oceanic Ship Co. N/A (345,917.07) -- -- (345,917.07)
Ocean Development Co. 01-10972 780,707.24 -- -- 780,707.24
Great Hawaiian Cruise Line, Inc. 01-10975 (3,620,821.03) 21,385.30 -- (3,599,435.73)
American Hawaii Properties Corporation 01-10976 (62,430.01) -- -- (62,430.01)
Great Independence Ship Co. 01-10969 (28,898,393.97) -- -- (28,898,393.97)
CAT II, Inc. 01-10968 570.94 -- -- 570.94
-----------------------------------------------------------
20,988,321.46 21,385.30 -- 21,009,706.76
===========================================================
Great Hawaiian Properties Corporation
01-10971 (EIK)
Accounts Receivable Aging
As of March 31, 2002
Attachment 7
Not Applicable
Great Hawaiian Properties Corporation
01-10971 (EIK)
Accounts Payable Detail
As of March 31, 2002
Attachment 8
Not Applicable
DEBTOR: GREAT HAWAIIAN PROPERTIES CORPORATION CASE NUMBER: 01-10971 (JCA)
PRELIMINARY MONTHLY OPERATING REPORT
AS OF MARCH 31, 2002
AND
FOR THE MONTH THEN ENDED
ATTACHMENT 9
NOTES TO MARCH MONTHLY OPERATING REPORT
The information contained herein is unaudited.
All assets presented herein continue to be held at historical book values, net
of accumulated depreciation or amortization. The Company has not attempted to
adjust its books to reflect fair market values of its assets, nor has it
attempted to adjust asset book values to reflect any potential impairments.
Liabilities included in these financial statements reflect amounts known by the
Company to have been incurred. The Company has listed in prior filings with the
United States Trustee potential additional claims it believes may be asserted
against the Company.
To the best of the Debtor's knowledge and belief, based on currently available
information, all Federal income and payroll taxes due and owing have been paid.
1. Proceeds of the auctions have been reconciled and the resulting loss on
disposition has been recorded.
2. Other long-term liabilities consists of deferred tax assets and
liabilities, net. Deferred tax assets and liabilities have been recognized
for the expected future tax consequences of temporary differences between
carrying amounts and the tax bases of assets and liabilities. The Debtor
has not recorded adjustments to these amounts pending the outcome of
Chapter 11 proceedings.